Experience Curve

Production phenomenon where unit costs decline as volume increases. This results from a wide variety of factors including lower fixed costs per unit, an increase in skills associated with quantity production, and generally lower material costs.

learning curvenoun[C]the rate of someone's progress in learning a new skill:It's a pretty steep learning curve when you're thrown into a job with no prior experience.

Learning Curve

Chart line representing the efficiencies gained from experience. Basically, it is a curve describing the relationship between the consecutive number of units produced (x-axis) and the time per unit produced (y-axis). More specifically, it is based on the statistical findings that as the cumulative output doubles, the cumulative average labor input time required per unit will be reduced by some constant percentage, ranging between 10% and 40%. The curve is usually designated by its complement. For example, if the rate of reduction is 20%, the curve is referred to as an 80% learning curve.